Just had a look at the First Choice website (Eclipse not offering Summer '06 yet) to see what sort of prices they're quoting.
I'm going to the Red Sea this year so I entered the details for the hotel in Sharm we're staying at (the Conrad).
It's All Inclusive, 4*, right on the beach.
Price for two adults travelling form Gatwick for 14 nights on Thurs 27/07/06 is £1570.16.
I then did a search for a 4* apartment in Menorca (the Viva Menorca Apartments).
Price for two adults, Self Catering, 14 nights, travelling from Gatwick on Friday 28/07/06 is £1687.60!
And that's without any food or drink!
Looks like it'll be the Red Sea for me again next year, though not necessarily the same hotel.
It's so cheap!